Mexico carried out a landmark global-for-global bond exchange in April. Andrés Conesa, head of public credit, says the deal saved money, improved investor relations and will help the sovereign price future bond issues more efficiently.

President Luiz Inácio Lula da Silva and his finance minister, Antônio Palocci, pulled Brazil back from the brink last year. Now, they face the even greater challenge of accelerating growth and keeping their promise to end Brazil's social injustices.

Argentina is booming again after years of decline. But it needs to attract foreign investment to keep the economy growing. And that will require a deal with bondholders and the International Monetary Fund.